CMBS

OVERVIEW

Ready Capital’s CMBS lending program offers a fixed-rate mortgage execution strategy for commercial real estate investors seeking competitive pricing with loan structures tailored to the unique characteristics of their properties.

Ready Capital’s nationwide team of CMBS product specialists is committed to providing quick feedback on all loan submissions and focuses on obtaining upfront credit approvals to ensure speed and certainty of execution. Moreover, Ready Capital serves as the B piece investor and Directing Certificate Holder (DCH) for all of its CMBS originations, setting it apart from competing programs and allowing for a wide variety of creative credit solutions.

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$27,500,000
Refinance
CMBS
R.V. Park/Self Storage
10 Year Term
Multiple locations, TX
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$11,250,000
Refinance
CMBS
Industrial
10 Year Term
Los Angeles, CA
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$6,600,000
Refinance
CMBS
Retail
10 Year Term
Metro Detroit, MI
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$6,000,000
Refinance
CMBS
Industrial
10 Year Term
St. Louis, MO
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$2,800,000
Acquisition
CMBS
Multi-family
10 Year Term
Jacksonville, FL
CRITERIA

PRODUCT OVERVIEW

  • Loan size from $2MM up to $45MM (may consider larger sizes for select assets and portfolios)
  • Acquisition, refinance, and recapitalization
  • Terms 5, 7 and 10 years
  • Up to 80% LTV
  • Non-recourse with standard carve-outs
  • Yield maintenance or defeasance
  • Minimum Debt Service Coverage for Multifamily: 1.20x
  • Minimum Debt Service Coverage for Commercial: 1.30x
  • Minimum Debt Yield for Multifamily: 7%
  • Minimum Debt Yield for Commercial: 9% to 12%
  • Full term and partial interest-only considered on a case-by-case basis
  • Amortization 25-30 years
  • Origination fee at par
  • Single purpose entity required
  • TI/LC and Capital Expenditure reserves structured on a deal-by-deal basis
  • Springing or in-place lockbox/cash management
CONTACT

Contact a Production Officer or a member of our production team for more information for your area or market. All of our Production Officers have the ability to lend nationwide. If you need further information, please contact cre@readycapital.com.

National Loan Originations Team:
Strategic Partnership Team:
National Bridge Originations Team:
Ready Capital Corporation Announces Securitization of $768 Million in Bridge Loans
01/31/2022

 Ready Capital Corporation Announces Securitization of $768 Million in Bridge Loans

CRE CLO Securitization is the Company’s Largest Since 2005 Inception

 

NEW YORK, April 1, 2021 — Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) announced the closing of a $629 million commercial mortgage collateralized loan obligation (“CRE CLO”) with the limited right to acquire all or part of $139 million in future funding participation interests. Moody’s Investors Service, Inc. (“Moody’s”) and Kroll Bond Rating Agency, LLC (“KBRA”) assigned a “Aaa(sf)” and “AAA(sf)” rating, respectively to the senior most certificates, with KBRA providing ratings to the remaining classes of the transaction.  With the closing of this CRE CLO, Ready Capital Mortgage Financing 2021-FL5, LLC (“RCMF 2021-FL5”), the Company has issued five CRE CLOs backed by $1.8 billion of collateral UPB.

RCMF 2021-FL5 consists of 58 mortgage loans secured by 65 properties across the United States.  Approximately 74% of the loan balance in the portfolio represents loans that were originated after the onset of the pandemic in March 2020, with the remaining balance attributable to loans originated prior to that.  The portfolio includes mortgage loans primarily secured by multifamily and office properties across 16 states.

“The Ready Capital team has had great momentum at the start of this year closing over $650 million in bridge loans during the first quarter,” said Anuj Gupta, President of Commercial Real Estate Lending at Ready Capital. “We were fortunate to re-emerge quickly with strength out of the pandemic, bringing multi-product financing solutions to our clients”

The CRE CLO was arranged by a bank syndicate including J.P. Morgan as sole structuring agent and Deutsche Bank as co-lead manager with Piper Sandler as the co-manager.

 

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 500 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.

 

Contact

Investor Relations

Ready Capital Corporation

212-257-4666

InvestorRelations@readycapital.com

 

SOURCE Ready Capital Corporation

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